During the time when your business has been down due to the slow economy plus costs are rising for accepting plastic money cards? Yes, your rates Casino and Online Gaming Merchant Account fees you the business owner pay may be going up, way up depending on whom you do business with.
One Merchant Services processor announced we were raising their rates by .27%!! It really is a huge increase. But it doesn’t stop there. I’ve seen several other companies join the bandwagon and announce they have raised their rates additionally. The largest increase I’ve seen to date has been can.45%. So if you were paying 2% you will now be paying 2.45%.
Please keep inside your this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to make your Statements out!! You should have received these planet mail by now. In the last paragraph on then everything else page of your statement is where they usually disclose (hide) the rate increase. It can be % the rates are going up and/or a transaction fee ($.xx) increase. It also states that in the event you continue to process with the company May 1st possess to agreed to their rate increase.
It may the perfect to shop around for a different Merchant Services Provider if your current company is raising your rates. There are masses of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of employers or those answerable for the books for companies, who don’t even bother opening their statements any further! This industry is very broken and the majority of of the processors have made their statements so confusing and hard to read, that small business owners quit opening both of them. This gives these companies a real easy way to make rates and fees since all the alerts and communications are on the statements.
I have held it’s place in the payments processing industry as an account executive (OK salesman, but account executive sounds better) for upwards of 9 years. One of many things I’ve learned is there are many of games being played at your expense.
It is valuable to process your credit cards as efficiently as possible so reduce the fees you pay. Lots of the fees would you can be avoided if you exactly what to look with.